by admin | Jun 10, 2023 | Financial Planning, St Francis
Times are tough! Interest rates have risen from 7.75% to 11.25% (a 45% increase) over the last 12 months, markets are volatile worldwide, and our local and world politics resemble a circus act. Most of us are feeling the strain on our monthly budget and looking for where we can cut unnecessary expenses.
Insurance is always a grudge buy, so this is an area we often look at to see if we can make a change and save. Let’s look at this in more detail.
1. Medical aid cover. Something we all need, especially in SA. We can move to a lower option, but often we are already there.
2. Short-term insurance covers our home, house contents, cars and other items that we value and would battle financially to replace. It is difficult to cancel this, but getting a second opinion to see if premiums can be reduced is worthwhile.
3. Life, disability, and dread disease cover tend to escalate in cost annually, so this number can cost us a lot, but what happens if we cancel this and something happens??
The first 2 points above are relatively easy to address. Because most of us have claimed through our medical aid or short-term insurance at some point, we understand the benefits of these risk contracts. Life and disability are, however, a lot more confusing. Knowing what we have is more challenging to determine.
We recently dealt with a retired couple who had duplications of cover, which was structured on an aggressive contribution pattern and costing over 25% of the pension they were getting in. The previous adviser had not revisited their situation and told them that what they had was not needed anymore. Tens of thousands of rands could have been saved had this been done.
Very often cover is “sold” and not bought. Ensuring a vehicle is easy, as we know the book value. However, insuring future income is more complicated. Furthermore, as our situation changes, so should our needs around cover. We understand that the majority of South Africans are underinsured. Still, I assure you that many are over or incorrectly insured.
Understanding what risk cover one needs, when is crucial, and the implications of term vs whole life cover and different contribution patterns are some nuances that confuse things even more.
Reviewing your risk cover should be done at least every few years and especially when there is a change in our circumstances.
Being overinsured is a waste of money, but being underinsured is a waste of a life.
—
Dirk Groeneveld, Certified Financial Planner
t. 083 261 9287
e. dirk@clientcare.co.za
web. Client Care Lifestyle Financial Planning
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by admin | Jun 4, 2023 | St Francis
Monster Clutch Round 2 Winners!
Round 2 is done and dusted. This round, we received some of the craziest entries we’ve seen in a long time. The surfers threw the kitchen sink at it and pushed each other. Every round is challenging for the judges to pick a winner, but this one seemed just that much harder.
Firstly, the public had their say. With thousands of votes over five days, it came down to three surfers. In the end, Luke Slijpen (Round 1 Winner) took the public vote, followed closely by Tide-Lee Ireland and Murray Armstrong.
The judges then debated amongst themselves and eventually decided on who they thought was the best.
This description is what Monster had to say:
“We thought the first month had some quality entries, but the surfers raised the bar in month two! The SA Surfing scene is alive and kicking. There are so many amazing clips that it’s hard to name them all, but the one that stopped us dead in our tracks was the backdoor bazooka from James Ribbink. Just getting a wave like that in Hawaii is Clutch, let alone making it over the ledge, the behind-the-peak drop, holding the rail, having the lip miss guillotining him by millimetres, and riding that monster clean gets our vote. Luke Slijpen’s Backdoor bomb was a close second, and coming out after the spit is always a sign of how deep one can get in a barrel, but the sheer size of Jame’s wave is what tipped the scale in his favour.
On the local hero side, riding a backhand barrel no handed shows skill and wave size; Murray Armstrong’s mastery of both gets our respect.
Looking into the final month ahead, where are the air’s at? Show us what you got, Mzansi.”
The Zigzag team deliberated amongst themselves and finally came to a decision. Zag Publisher Andy Davis said this:
“We wanted to announce the winners a few days ago, but it was so hard to decide that we decided to sit with it for a few days. At Zag, we couldn’t look past James Ribbink’s Backdoor bomb! That was so heavy, and his late take-off made for a dramatic watch. The most eye-catching entry of the round is our winner.
For the local hero, we agree with Monster. Only a few guys can ride a backside tube without grabbing a rail. However, Murray Armstrong took the risk and earned the reward of a stand-up barrel and the Local Hero prize!
Monster Clutch 2023 Murrary Armstrong Entry #54
The last judge to vote was Monster team rider, Matt Bromley:
“I think James Ribbink’s Hawaii back door barrel is mental. That’s my winner. The late drop, sneaking under the hood into a deep cavern and then getting spat out. That was very impressive.
My local hero is Murray Armstrong with that deep grab rail pit. Big barrel and well-ridden.”
So, in the end, it was James Ribbink’s backdoor bomb and Murray Armstrong’s no-grab pit that took out the win!
Monster Clutch 2023 James Ribbink Entry #53
Final Vote Tally:
James Ribbink #53 – 3 Votes
Luke Slijpen #57 – 1 Vote
Local Hero
Murray Armstrong #54 – 2 Votes
Murray Armstrong #55 – 1 Vote
We’re now into the last month of competition. We’re expecting big things… So make sure to send in your entries!
Send to: online@zigzag.co.za
Round One results here: Clutch Round One
by admin | Jun 4, 2023 | Financial Planning, St Francis
There is much talk in the public financial planning domain about whether having an adviser is worthwhile or if it is better to save on costs and go it alone. I am the first to admit that the reason for having this conversation is well-founded based on the industry’s history of smooth-talking con artists and dodgy investment schemes where any benefit to the client is merely coincidental.
Of course, we are going to say we are different; the proof is in the tasting. Let’s compare this situation to the only thing more important than our financial health, which is our physical health.
These days many of us self-medicate when it comes to minor ailments like colds and flu or a stiff back caused by a dodgy golf swing. We head to the pharmacy (or my wife’s medical box) and get a recommendation from our trusted pharmacist, and that normally does the job in a few days. If our condition persists, we head to a doctor or Physiotherapist.
In a similar way, we handle our daily and weekly finances by trying to stick to our budget by not spending more than we have coming in. We keep contributing to our retirement fund at work and believe all is on track.
In both examples, we are mainly looking days or weeks ahead, not more than that. This is where things can come unstuck. Our long-term physical and financial health depends on doing the small things the right way for a long time, not one or two miracle cures.
Having a family doctor who knows you and your medical history plays a big part in our overall long-term health. In the same way, working with a real lifestyle financial planner who knows you, your family and what you want out of life will give you a strong chance of maintaining your financial health.
We often think that we have things under control until we get an expert opinion. A recent example comes to mind where an associate who does short-term insurance saved a doctor client of ours over R17,000 a month by simply reviewing his current needs. Frank is now his hero!
Going it alone may work, but why not get a second opinion from a professional? It could give you the peace of mind you deserve.
—
Dirk Groeneveld, Certified Financial Planner
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by admin | Jun 2, 2023 | St Francis
Just over ten years ago, 76 homes burnt down in the terrible fire of Sunday, 11 November 2012.
This sparked a building boom, with an amazing 38 rebuild starts within 12 months and 51 within three years.
And now, in 2023, 67 houses have been rebuilt…. unsurprisingly, but many would say sadly, only one with thatch.
Just nine left still to be rebuilt.
Five houses survived the fire, five houses that were amongst the houses that burned down …. unsurprisingly, of the five, only one had a thatched roof.
It was a terrifying evening, but as often happens with these tragedies, there was a feeling of togetherness in town for some weeks after.
by admin | Jun 2, 2023 | St Francis
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